Cytokinetics gets the Royalty treatment, snagging up to $450M to support closely watched heart programs
Cytokinetics stumbled a bit with its closely watched lead heart drug over the last year or so, losing two pharma partners after missing a key secondary endpoint in a Phase III study. But things are looking up in 2022, as Royalty Pharma is reaching a little deeper into its wallet to bolster that program and another heart candidate.
Royalty Pharma has agreed to lend up to $300 million to support the potential commercialization of Cytokinetics’ lead candidate, omecamtiv mecarbil, and development of its other heart program, aficamten. The cash will come in five tranches, including an initial tranche of $50 million upon closing and four others upon certain regulatory and clinical milestones. Each tranche has an interest-free and payment-free period of six calendar quarters, followed by 34 calendar quarters of installment re-payments totaling 1.9 times the amount drawn.
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